Companies, professional league teams and universities have over the years sometimes moved away from names, mascots, logos and other identifying indicia that have come to be viewed as offensive or inappropriate. See, for example, REDSKINS, COLONEL REB, CHIEF ILLINIWEK, AUNT JEMIMA, UNCLE BEN, etc. These marks are put on the shelf for good reasons - why would any organization wish to be associated with imagery offensive to persons or groups.
From a trademark use perspective, the retiring party should keep in mind that retiring a mark may sooner or later result in legal "abandonment," meaning that the "owner" of the retired mark may not be able to stop others from using it. There are ways to avoid or mitigate against this unintended consequence. Trademark counsel should be squarely in the loop!